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AVAX Price Rebound Fails To Breach $22 Resistance Due To High CPI Data

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AVAX had time to recoup from June to July and then in August, the token slipped and formed a bullish cup and handle pattern.

  • AVAX intraday trading volume indicates a 38.7% plunge
  • Avalanche sellers successfully reclaimes the 20-day EMA slope
  • Trading volume skyrockets to 487 million

Now, the pattern which can be spotted at the market bottom will serve as a feasible launchpad for the crypto’s recovery but in order to complete the pattern, the coin price should barrel past the $30.6 key resistance.

With the reversal of the V-top formation seen at the key resistance level of $30.6, the AVAX coin price dropped to $18.4 of the Fibonacci retracement level. It is however beneficial for buyers who were able to position right at this level prompting a 25% spike to $22.53.

On the other hand, the massive selloff happening in the crypto market hinders the recovery of AVAX price and threatens a further downtrend.

The selloff that happened on September 13 has sloughed off the possibility of completing the pattern. Evidently, the downtrend that took place yesterday was triggered by the high CPI or Consumer Price Index data.

AVAX Low Volume Hints At Bulls’ Weakness

According to CoinMarketCap, AVAX’s price is down by 1.51% or trading at $18.84 as of this writing. The low volume seen with AVAX implies the bull’s waning commitment or weakness.

In the event that the selling pressure intensifies, AVAX could suffer a slump to $18.3 and then try to breach under that level which can further extend the decline to match the $13.6 low support seen in June.

Now, if the buyers are able to defend the support zone at $18.3, then the bullish movement may persist and the AVAX coin price will spike to $31.4.

Avalanche’s EMAs show all indicators going down with the exception of the 50-day EMA which proves to be a hurdle to AVAX price.

AVAX RSI shows a downtrend that heads under the midline hinting at a negative market sentiment.

CEO Announces KKR $417-Billion Merger

In other news, Emin Gün Sirer, Avalance (AVAX) Labs CEO announced on September 14 that KKR has made a $417-billion merger with Avalanche.

With Securitize, a FinTech company, Avalanche can proceed with tokenization and accessibility to a wider range of markets. The partnership announcement has amplified social media metrics in the past few months.

More so, AVAX social engagements escalated by 148.7%, plus also a surge of social mentions at 257.3%, as seen in the past three months.

Further, the AVAX market cap has also spiked by 4.31% as seen in the past week with trading volume skyrocketing from 324.2 million on September 12 to 487 million to date.

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BTC total market cap at $384 billion on the daily chart | Source: TradingView.com

Featured image from Cryptopolitan, Chart: TradingView.com

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Helium (HNT) Holds Gains Undermining Market Downtrend

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Helium (HNT), a cryptocurrency project focusing on the Internet of Things, has gained in recent times despite market conditions. According to CoinMarketCap, HNT has been up 8.42% over the last 7 days, trading at $4.90 at press time.

Despite the gains, the token has found it difficult to break above the $5 mark. The price movement has been on a downward trend. It’s uncertain if this will continue or not. However, its weekly price action has given traders a good reason to be hopeful.

Related Reading: Bitcoin Price Is Sitting On A Gun Powder, Will It Explode?

How Helium Is Holding Its End

As of writing, the Helium (HNT/USD) price is $4.90. Although earlier this morning, October 2nd, it was considerably higher than that. What makes this rate so exceptional for this coin?

The market is behaving strangely. Friday’s HNT price of $5.11 and recent volatile trends indicate this. This is a really positive sign for this cryptocurrency, as there is now a great deal of interest in it. The coin’s value and trading volume have both increased since last week’s all-time high. So far, today’s trading volume is $19 million, although it’s down 9.52% over yesterday’s total of $21 million.

The charts currently show a double top which indicates a bearish reversal pattern. However, the current price is still very much within the range of support levels. If the price continues to fall below these levels, then we could see further losses. But if the price breaks out of the resistance level, then we can expect some bullish momentum.

HNT’s price is currently trading at $4.85. | Source: HNTUSD price chart from TradingView.com

Where Does Helium Go From Here?

There’s no telling where this coin will go from here, but things are going well for now. The price of HNT may be almost the same as it was at the beginning of the month, but this does not imply that the price has stayed relatively flat.

Quite the reverse, as the coin has seen much activity. This activity has taken HNT both to new lows and new highs in the space of a few weeks. As it strives to go more mainstream, we anticipate Helium will continue to experience a great deal of activity.

Those that took advantage of the recent downturn have reaped substantial profits from Friday’s upswing. The price movements between then and today, October 2nd, show they might get another chance to benefit in the weeks ahead. But there’s no way to tell for sure.

More On Helium’s IoT Offering

Helium is a blockchain-based technology that focuses on IoT. It has an internet router called Helium hotspot. These nodes provide users with more affordable and extensive internet connectivity. Most crypto initiatives focus on decentralized finance and non-fungible tokens, but just a handful on IoT.

Related Reading: Crypto Community Predicts Polygon (MATIC) To Rise Nearly 20% By October 31

Helium allows for long-distance communication thanks to its worldwide wireless network and helium hotspots. Connectivity for all IoT devices is guaranteed by these hotspots, which serve as the network’s backbone. 

If you own a hotspot, you may benefit from increased visibility and financial incentives. Helium’s distributed ledger technology is made possible by these nodes allowing IoT devices to communicate with one another.

Featured image from Pixabay and chart from TradingView.com

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QNT Marks Positive Moves When Major Coins Facing Dumps

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Quant (QNT), a top 100 cryptocurrency on CoinMarketCap, has marked positive moves in the last few weeks. This is coming when major coins are facing dumps due to bearish market conditions.

The token has stayed green for 4 weeks, gaining over 47.37% since its $95.1 price on September 1st. The price action has been driven by strong volume and trading activity. Despite its market cap still down 2.98%, QNT has performed well against other coins with similar market caps.

Related Reading: Bitcoin Bullish Signal: Exchange Outflows Spike Up

Quant Take Back Nearly 50% From The Market In 4 Weeks

The world’s financial markets were rocked on September 13 as the U.S. Federal Reserve released inflation figures. The stock market crashed, taking the cryptocurrency market with it because of the correlation between the S&P 500 index and Bitcoin.

QNT fell along with the rest of the crypto market on September 13, halting its upward momentum shortly. Market uncertainty and mistrust also made it hard for bulls to boost Ethereum and Bitcoin prices. At that time, the price of QNT had a challenging time moving beyond $112.12. This price acted as its resistance level for the next few days.

Quant finally broke above the $115 mark on September 24th and continued climbing higher. During this time, the majority of coins on the market still lagged behind QNT. The token is still on an upward trend, trading at $132 as of press time. It has gained over 45.65% in the past four weeks.

QNT’s price is currently hovering above $132. | Source: QNTUSD price chart from TradingView.com

What The Charts Say About Quant’s Movement

A formatted inverted head and shoulders pattern emerged on the Quant seven-month price chart. This bullish reversal is frequently seen near market bottoms. It signals a shift in market sentiment from selling on rises to purchasing on declines. In addition, coin purchasers have lately broken through the pattern’s resistance at the neckline. This creates an opportunity for coin holders to recover their investments.

The price of Quant gave a tremendous breakthrough from its resistance trendline of $121 on September 27th. This comes despite the continued uncertainty that exists in the cryptocurrency market. The altcoin buyers spent the next two days trying to keep prices above the broken trendline and the $131 mark.

Plus, the lower price resistance included in these retest candles suggests that buyers are receiving adequate support at this level. As a result, the reversed support reinforced yesterday’s 8.5% rise, providing confirmation of the chart pattern breakthrough.

Chart Trend Gives Traders Hope For A New High

The price of Quant is at $132 as of writing. If people keep buying, the price should go up to $155, which will be the next level of resistance. 

Related Reading: Binance Coin (BNB) Bulls Defends Key Zone, Will The Give Up?

A possible breakthrough in this monthly resistance will give buyers more room to move. It’ll also make the ongoing recovery last longer. On the other hand, the bullish thesis would be disproved if the coin price declined from the $155 barrier. It might even fall below $131.

Featured image from Pixabay and chart from TradingView.com

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Coinbase Users With U.S Bank Accounts Face Major Outage

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Coinbase Diversifies Options With Polygon And Solana
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